Financial sector must rebuild image says Lord Mayor

THE financial sector has to rebuild its image after the credit crunch and outcry over bankers’ bonuses, the Lord Mayor of the City of London has said.

Speaking to Manchester professionals last week, at an event organised by pro.manchester, Lord Mayor Nick Anstee said it was crucial all parts of the country play a part in this process.

He told an audience of leading North West business people, including Robert Hough, chairman of the North West Development Agency, that the regions must throw their weight behind a new organisation called TheCityUK, which has been set up to help London and the UK maintain its world-leading position in financial services.

He said: “We have to demonstrate around that world that we are open for business in financial and professional services, and also keep an eye on the regulatory changes with a focus on the EU and G20.

“The financial crisis has demonstrated how much the sector has become disconnected from the general public and the real economy.

“TheCityUK has a focus to re-engage with the public as it is vital to win back public support.”

The new body is there to “represent all financial services businesses in the UK”, he said.

Mr Anstee, who described his trip to Manchester as “extremely positive” had meetings with the city council, inward investment chiefs from MIDAS and pro.manchester during his visit.

Mr Hough said a “strong bond ” already exists between London and Manchester, and it is in the interests of the whole region for London to thrive.

He said professional and financial services had been identified as a key strength and growth area for the region.